In the past 5 years, almost 6% of Americans nationwide have taken out a payday loan, according to research done by Pew Charitable Trusts. It is also striking to hear that the majority of these payday loans are used to cover everyday, recurring expenses like utility bills, mortgage and rent payments, food, or credit card payments, rather than being used for emergencies. The study found that only 16% of these loans were used for emergency situations, compared to a whopping 69% for recurring expenses.
This study also found some other facts about payday loans. Payday loans are not limited to a single income level or age. People of most ages and income levels have taken out payday loans, but it is more concentrated in younger people and in people who earn less than $40,000 a year. It was also found that borrowers will be typically African-American, lack a 4-year college degree, be separated or divorced, or be renters rather than homeowners. About 75% of these borrowers will go to a physical lender for these loans. The remaining 25% turn to online sources. These borrowers will usually take out 8 loans a year.
It is imperative that you make a sound financial plan to tackle your payday loan. Payday lending has received much bad press and continues to receive it. The truth is, payday loans offer you money at a high interest rate. However, this comes with instant approval and no credit check, with money in your pocket in minutes. This can be very beneficial for you, but make sure you plan for this financially.
If your rent payment is closing and you need money now, payday loans are just the thing you need. Just be sure you are aware of the terms of the loan and the interest rates. Make a plan for your loan when you take it out so that it does not hurt you more in the end. However, be sure to have a good financial plan so that you do not have to get into the situation where you need to take out a payday loan. The world is not perfect though, but if it happens, plan for your loan.
A credit score is essentially a rating by which to judge the creditworthiness of a person. You must have a decent credit score in order to be approved for things like a bank loan, a mobile phone plan, or applying for insurance. You can actually use payday loans to boost your credit rating. This can be utilized with the proper preparation and knowledge but it should not be your first option to boost your credit score, due to the high costs and potential harmful effects.
If you have had credit or no credit, you will probably be denied by the bank if you apply for a loan, or denied by an insurance company if you are looking for insurance. If you happen to be short on cash, you cannot easily boost your credit rating and may need to use payday loans to improve your credit score. Taking out a payday loan, along with paying it back, will go directly on your credit file. Paid back on time, your credit score can be increased.
As a new business owner in this fast-paced world, you may have took advantage of Instant Loans’ services by getting a loan quickly and easily. Relying on a traditional bank to get a loan takes a great deal of time and effort, along with lots of necessary paperwork. There is also the chance that you could be denied this loan. Instant Loans is a great alternative to this. As for your business, it is almost a necessity to set up a merchant account to accept the use of credit cards. Set one up with http://www.merchantaccountsllc.com/ for a low price with reliability.
In today’s world, most people have at least a checking account and rely on credit or debit cards as a form of pavement. Cash-only vendors are a thing of the past, get up to date with a merchant account to take your business to the next level and accept credit cards. This will keep your customers happy and make sure you see repeated business. It is certainly a good idea and take advantage of the services offered by Merchant Accounts llc.
You might be thinking to yourself, now what does Christmas time and the holiday season have to do with financial problems? It is a time for giving, receiving, happiness, and family, right? Well we will not disagree with you there but money troubles do exist when considering the high costs of gift giving and travel. Look to Easychristmascash.com for loans around Christmas time.
It may be difficult to comprehend, but according to the Census Bureau, over 27.2 billion dollars of revenue was generated by retail stores during Christmas time in 2011. This results in some serious gift-giving, and can lead to some serious debt. Taking out a loan during the holiday season to pay for gifts for your family and friends can be a smart idea, especially if you are close to missing payments on your car or mortgage. Remember to mention Instant Loans to get a 5% discount on services provided by www.Easychristmascash.com. You will not be disappointed, and more thought can be spent into picking out the perfect gift for your son or daughter instead of thinking about how you will pay your bills.
Getting a payday loan is simpler than ever before. Most companies allow those looking for a loan to complete the entire process online. There are several things to take into account when getting a payday loan which we will cover in this article. Every state has different laws and most payday loan companies have different ways to conduct business under these laws, so I will preface, please check local state laws.
What should you look out for? Be sure to review the amount you qualify for. Sounds simple, but read carefully. You may think you are getting 1000.00 but in reality it may only be 500.00. Another area to look at is the time that you have to pay it back. Some companies offer 10 days while other give 100 days. Steep penalties may come with missing deadlines so be sure to choose the right payback period. Make sure that the site is secure, any information that you send out needs to be protected and many sites use secure platforms but some do not, when in doubt call a support number and ask.
Read reviews. If a company is negatively reviewed over and over again they may not be the best choice. Some companies have better service than others. Look for contact email addresses to send questions to. This way you have a point of contact even when phone support is not available. Read the terms. If the terms don’t make sense ask questions. This is where an email contact or phone number is crucial to have for the payday loan site. If someone from the payday loan company can’t answer your questions, rest assured they can get someone who does, to answer any questions you may have.
Keep your eyes open and make smart decisions. Instant loan is a great resource for payday loan information. Please contact a representative today for more info or click here.
The most common pay period schedule is once every two weeks. Some of us get paid every week and some once a month. Some only get paid commission and payday can come at unexpected times. One thing we all have in common is that we have fell on hard times at one point, and needed to get paid before payday arrived. Options are now available online, allowing those looking to get cash before payday to get what they need, when they need.
The expenses of everyday life can be daunting at times. Gas prices are high and so are energy costs. Cell phone, internet, cable, and water bills are just some of the many expenses we pay every month. Sometimes we find ourselves saying “something has got to give”. Online payday loans are a simple effective option that is out there when there are no other options. Don’t let necessities get cut off, keep the phone on and gas in the tank with a payday loan.
We haven’t mentioned some of the most costly expenses like a car payment, rent, or mortgage, which all come with hefty insurance premiums. Hourly wages and salaries are not increasing, and we need more options. Thankfully, we have the opportunity to get a loan online before payday to help keep the car insured and keep our property protected. For more information on payday loans click here.